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On June 30, 2020, Oriole Company issued $3,810,000 face value of 16%. 20-year bonds at $4,956,520, a yield of 12%. Oriole uses the effective interest

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On June 30, 2020, Oriole Company issued $3,810,000 face value of 16%. 20-year bonds at $4,956,520, a yield of 12%. Oriole uses the effective interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31. (3) Determine the total cost of borrowing over the life of the bond. (Round answer to O decimal places, eg. 38,548.) Total cost of borrowing over the life of the bond $

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